XRG Expands Gas Business into Venezuela
XRG, the investment arm of ADNOC in the energy sector, has entered the Venezuelan market through its offshore Laurent field concession, holding a stake alongside BP and UCC. The field is confirmed to contain over 4 trillion cubic feet of gas resources. This investment is part of its strategy to build a natural gas and energy platform in Latin America and to strengthen its presence in the region. The project aims to develop Venezuelan gas resources responsibly and sustainably, linking them to existing infrastructure and utilizing the field's resources to meet both regional and international energy demand. The Laurent field is part of the offshore Laurent-Manati gas basin, which extends between Venezuela and Trinidad and Tobago. This investment follows the necessary regulatory approvals and is a component of XRG's broader strategy to enhance its global LNG portfolio through projects in the United States, Argentina, Egypt, Azerbaijan, Mozambique, and others.
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